Iran to stop using USD as foreign trade settlement currency

An Iranian news agency is reporting the Chinese government has extended a 2-billion US dollar line of credit to Iran to help the country upgrade four petro-chemical projects.

At the same time, Tasnim is also reporting Iran's Central Bank has decided to stop using the US dollar in its foreign trade settlements.

The agency is quoting an Iranian Central Bank official as saying the country is going to use the Renminbi, the euro and the Russian ruble in its foreign trade settlements.

China is one of Iran's largest trading partners.

Bilateral trade between the two countries hit 52-billion US dollars last year, a year-on-year increase of 35 percent.

China is Iran's largest export market, making up over 50-percent of Iran's 28-billion dollar export total, most of which is oil and natural gas.

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